Seoul stocks open lower on US stock losses

Published : Oct 5, 2021 - 09:39 Updated : Oct 5, 2021 - 09:39

The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Tuesday. (Yonhap)

South Korean stocks opened lower Tuesday, as investor sentiment was hurt by overnight losses on Wall Street.

The benchmark Korea Composite Stock Price Index (Kospi) slumped 29.05 points, or 0.96 percent, to 2,990.13 points in the first 15 minutes of trading.

Seoul stocks got off to a weak start, falling below the 3,000-point level for the first time in about six months. The Korean stock market closed Monday due to an extended holiday tied to the Oct. 3 National Foundation Day.

An impasse over the US debt ceiling raised investors' concerns that the US faces risks of a default and it may deal a blow to President Joe Biden's big spending plan. Energy prices stayed high, adding to the worries of a slowdown in global economic recovery.

The tech-heavy Nasdaq composite plunged 2.14 percent, with the S&P 500 losing 1.3 percent. The Dow Jones Industrial Average retreated 0.94 percent.

In Seoul, top cap Samsung Electronics declined 0.68 percent, and No. 2 chipmaker SK hynix declined 1.1 percent.

Internet portal operator Naver moved down 1.05 percent, and leading chemical firm LG Chem decreased 1.56 percent.

Top automaker Hyundai Motor lost 1.55 percent, and rechargeable battery maker Samsung SDI fell 2.26 percent. Pharmaceutical giant Samsung Biologis tumbled 4.91 percent.

The local currency was trading at 1,184.7 won against the US dollar, up 4 won from the previous session's close. (Yonhap)